GRAND RAPIDS, Mich. Grand Valley Co-op CU and Preferred FCU completed their combination yesterday and have applied to Michigan regulators for a broad community field of membership encompassing 28 counties and 2.5 million people in the western part of the state, from Traverse City to Lansing to the Indiana border.
The biggest counties involved are Kent, Kalamazoo, Ottawa, Berrien and Muskegon.
The new credit union, to be known as Preferred CU, will have $150 million in assets and six branches reaching from Kalamazoo to Ludington. The combined credit union will have about 60 employees. The management team will be led by current Grand Valley Co-op President and CEO John Yeomans.
Grand Valley Co-op CU was chartered in 1968 as a community-based credit union. It has $96 million in assets and more than 14,000 members. Preferred FCU was chartered in 1954 by Federal Mogul Corp. employees. It has $52 million in assets and more than 10,000 members.
